Apparatus for giving information concerning stocks and bonds



Sept. 5, 1939. E, MSCHANTZ 2,171,602

APPARATUS FOR GIVING INFORMATION CONCERNING STOCKS AND BONDS Original Filed April 22, 1955 l2 Sheets-Sheet l Sept. 5, 1939. E. M scHAN-rz APPARATUS FOR GIVING INFORMATION CONCERNING STOCKS AND BONDS l2 Sheets-Sheet 2 Original Filed April 22, 1933 Sept. 5, 1939. E. M. scl-l'AN'Irzy f 2,171,502

APPARATUS FOR GIVING INFORMATION CONCERNING STOCKS AND BONDS Original Filed April 22, 1933 l2 ShreetS--Sheel'l 3 12 Sheets-Sheet 4 E.M. scHAN-rz Original Filed April 22, 1933 APPARATUS FOR GIVING INFORMATION CONCERNING STOCKS AND BONDSl Sept. 5, 1939.

Sept. 5, 1939. E. M. scHANTz APPARATUS FOR GIVING INFORMATION CONCERNING STOCKS AND BONDS 12 sheets-sheet 5 Original Filed April 22, 1933 1 e u n o n n n n l lill lltlll ...ILQJ

Sept. 5, 1939.

E. M. scHANTz 2,171,602

APPARATUS FOR GIVING INFORMATION CONCERNING STOCKS AND BONDS Original Filed April 22, 1933 l2 Sheets-Sheet 6 Sept 5, 1939. E. M. scHANTz APPARATUS FOR GIVING INFORMATION CONCERNING STOCKS AND BONDS Original Filed April 22, 1933 l2 Sheets-Sheet 7 Sept. 5, 1939. E. M.scHANTz` APPARATUS FOR4 GIVING INFORMATION CONCERNING STOCKS AND BONDS Original Filed April 22, 1933 l2 Sheets-Sheet 8 m l m n J Sept. 5, 1939. E. M scHANTz 2,171,502

APPARATUS FOR GIVING INFORMATION CONCERNING STOCKS AND BONDS Original Filed` April 22, 1935 l2 Sheets-Sheet 9 ngi 156@ E. M. SCHANTZ Sept. 5, 1939.

APPARATUS FOR GIVING INFORMATION CONCERNING STOCKS AND BONDS Original Filed April 22, 1933 12 Sheets-Sheet 10 E. M. scHANTz 2,171,602

APPARATUS FOR GIVING INFORMATION CONCERNING STOCKS AND'BONDS Sept. 5, 1939.

Original Filed April 22, 1933 l2 Sheets-Sheet ll |m #m2 I@ 3 I l2 5 5 2 ,D 2 24 Im 7 )Im Q Imi( 7 lne DO L L x |\w}|\ I@ Im U A I P P In K K l T T im S S I9 |18 O lv 6 u f le 2 2 STOCK PA Sept. 5, 1939. E. M. SCHANTZ 2,171,602

APPARATUS FOR GIVING INFORMATION CONCERNING STOCKS AND BONDS Original Filed April 22, 1933 l2 Sheets-Sheet l2 Q1 Q2 Q4 Q5 5 75 liu/anfora 27 2 '/@QO MAQLMSUa/zz @www Patented Sept. 5, 1939 UNlTlQ STATE APPARATUS FOR GIVING INFORMATION CONCERNING ySTOCKS AND BONDS Ill., a partnership Application April 22, 1933, Serial No. 667,398 Renewed December 3, 1938 36 Ciairns.

his invention relates to improvements in apparatus for supplyng to traders therein certain information concerning stocks and bonds being traded in on the stock` exchanges, whereby such traders are assisted in trading more intelligently. Heretoiore, the information regarding the price values of stocks, for example, and the fluctuations in such prices which have occurred on the iioor of the stock exchanges, have been posted on blackboards in the cuslomers rooms of brokers offices in such a manner as to indicate the prices of successive sales, the high and low prices for the day, and the closing price of the preceding day, for each stock. By examining the notations on such a blackboard, a trader in stocks may observe whether any given stock has gained or lost and tie extent of such gain or loss and can, by mentai computation, compare the gain or loss of any particular stock with the gain or loss of any other stock in the group for the purpose of determining, for example, whether any given stock should be bought or sold at a particular time, if a prot is to be made. The information which can thus be acquired is incomplete and citen not well founded and the method of obtaining it is somewhat laborious and time consuming so that intelligent plan of trading in stocks can be quickly determined upon by examining the usual stock brokers blockbcard.

The principal object of the present invention to overcome the diihcuities encountered in the method, or iaci; ci method, heretofore employed by providing a novel form of apparatus which continuously displays the price movements of all stocks traded in on a stock exchange as these prices fluctuate, the changes being computed on a logar' hmic scale in order to provide a com n or medium by which the changes in price ea stock are measured so that the :ductuations in the prices of the various stocks may be compared with each other and the relane change of any stock to the changes in the other stocks recorded visually so that, with the information thus acquired, the customer is in `position te determine accurately the value, for i. ,ding purposes, ol any particular stock at moment, this nio ation being supplied -,uously vl vle the stoel: exchange is open and wnest sin ltanecusly fo the changes in the rises of stocks they occur on the floor of e exchange. A .further object or the invention to provide apparatus which computes and indiontinuousiy throughout the day the price stt` -k with respect to its price pcthe beginning oi the day or at the beginning of some other predetermi' ed period so that the relative movements of all stocks may be visually compared. Still another object of the invention is tc provide apparatus for showing the price l'iuctuations of stocks from a mu starting points such as irom the begr. the day and also from the beginning of several preceding days, as well as from each of the beginning,r of any given pronounced movement or swing in the Jtrend of the market. A further feature of the invention is the provision of means for showing the changes in the prices ci the several stocks from their respective highest and lowest points for the day.

Still another object of the inven'ion is to vide apparatus embodying a differential indicating system whereby changes in the prices of various stocks may be shown computed from certain deiinite starting or conversion points which are not the same for each and every stock as. for example, when the visuai record of the price uctuation oi one stock shows the price change since the beginning of of iting, respectively, several hours or at the beginning of any one of sev` l precefin purpose being to have indicating sys what might be considered the more '.geous purchasing or selling value of any stock or stocks in relation to the other stock or stocks, by virtue of its position on the scale in relation to the position of the others on the scale. A further object of the invention is to provide means for indicating, for each stock, the price change which has occurred since the beginning or" any hour or other period of the day. A further feature of the invention is the provision or" means for giving special information with respect to certain stocks, such as the price at which a certain stock has been bought or at which another stock has been sold short or the fact that another stock is being sold that day ex-dividend.

Another important feature oi the invention is he provision of means whereby there is a continuous indication throughout the day of the average change throughout the day o the prices of all of the sioclis so that the change in price of any stock may be compared with the average change. Another object of the invention is to provide apparatus by which one may deter 'ne on a graph of the average price iluctuations of a group of 'tocks over an extended perFozl, the points at which the prices reached a maximum or minimum, and the time which has elapsed since any particular stock reached its high or low point. A further object ci the invention is to provide means for recording continuously the number of shares of each stock which have been traded in during the day or any hour of the day', the time which has elapsed during the day since the last sale of any stock occurred, the hour of the day when any such sale took place, and other like information concerning the behavior of particuiar stocks. Other objects relate to various features of construction and arrangement of the apparatus which will appear more fully hereinafter.

The nature of the invention will be understood from the following specification taken with the accompanying drawings, in which one form oi the improved apparatus for practicing the present invention and modifications of certain por tions thereof are illustratedJ In the drawings,

Fig. 1 shows a partial front elevation of the upper portion oi an indicating device embodying the features of the present invention;

Fig. 2 shows a vertical section taken on the line 2 2 of Fig. 1;

Fig. 12L is a front elevation of the lower portion oi the apparatus illustrated in Fig. 1;

Fig. 2e is a continuation of the vertical section of Fig. 2 through the lower part of the appa ratus illustrated in Fig. 1a;

Fig. 3 shows a partial section on the line 3-3 of Fig. 2a;

Fig, 4 is a vertical section taken on the line i1-ii of Figs. 1 and 1a;

Fig. 5 shows a iront elevation similar to that of Fig. 1, oi a modified form of apparatus which is adapted to indicate the price fluctuations of the several stocks with respect to the changing price iiuctuation of all of those stocks;

Fig. 6 is a vertical section taken on the line @"5 of Fig. 5;

Fig. 5a is a front elevation similar to that of Fig. le showing a continuation of the disclosure ot Fig. 5 from the bottom of Fig. 5 to the bottom oi the apparatus;

Fig. 5a is a continuation through the lower part oi the apparatus of the section of Fig. 6;

Fig. 7 shows a complete vertical section on the Vline "eL-'a' of Fig. 8 through the form of apparatus shown in Figs. 5 and 5a;

Fig. 8 shows a section on the line 8 8 of Fig '7 9 shows a partial front elevation of a modified form of the invention in which a diiierent form of mechanism is employed for recording the average movements of all of the stocks;

Fig. i0 shows a partial front elevation of a modined form of the invention equipped with means for indicating the time when the last sale of each stock occurred and also with means which is automatically reset at predetermined intervals 'for indicating the nuctuation of stock prices durthose intervals;

Fig. 11 shows a vertical section taken on the line i-li of Fig. 10;

Fig. 12 shows a development of the graduated periphery of one of the indicator wheels shown in Figs. 10 and 11;

Fig. i3 is a perspective view showing the means for driving one of the indicator Wheels shown in Figs. l0 and 11;

Fig. 14 shows a partial front elevation of another modification of the invention which is equipped with means for indicating the volume oi oi each stock and also with a modified form of device for indicating the time when the last sale of each stock occurred;

Fig. 15 is a vertical section taken on the line i5l5 of Fig. 14;

Fig. 16 shows a graduated scale which may be employed in connection with the indicator board of the present invention for taking off readings of stock price movements for the purpose of making a graph or chart showing the relative uctuations of the stock prices and their averages at predetermined times on successive days or other periods of time, such as the closing prices on successive days and their averages, for example;

Fig. 17 shows a perspective View oi a drawing board and a T-square which are graduated for use in making a graph or chart of the fluctuations of stock prices and their averages obtained from the indicator board with the use of the scale shown in Fig. 16;

Fig. 18 shows a top plan view of the drawing board and T-square shown in Fig. i7 with a number of sheets superimposed upon the draw'- ing board to carry the graphs of the price uctuations or" a number of individual stocks as well as the average prices of the stocks;

Fig. 19 is a top plan view of one of the graphs or charts of a particular stock after it has been removed from the drawing board where the successive points of the graph or curve are located; and

20 contains a table or curve showing the spaced relation of successive numbers on each of the graduated tapes embodied in any of the forms of modifications of the invention, in order that equal percentages of change in stocks selling at diiierent prices will be represented by equal movements of the corresponding markers carried by the tapes.

Although the uses and advantages of the invention are by no means limited and the information given by the improved apparatus herein described may be employed in various ways, it may be desirable in order to facilitate the understanding of the apparatus to state generally, in advance, one specic use to which the more general features of the invention may be put. It is well known to close observers of the operation of a stock exchange that the prices of the various stocks listed have a habit of advancing or declining more or less together, particularly when the market is in a disturbed state, and this general movement is known as the trend of the market. It is also true that not all stocks follow this trend, perhaps because of internal conditions of the companies represented by these stocks, and that the stocks do not follow the trend with. equal speed or in equal degree. There are always stocks which lag behind the general movement of the others, as well as some stocks which move more rapidly and in advance of the general movement of the others. Therefore, it is possible to compute the value of the trend of the market and also the value of any particular stock which has not yet responded to the trend, and deal in this last named stock accordingly, with a prot to the trader. While this lag or time element of certain stocks may extend over the close of the market to another day, thus enabling one to take some advantage of the trading possibilities by observing the reported prices of the stocks after the closing of the market, it usually happens that this lagging occurs throughout the day and is of short duration and, if one is to take advantage of it, it is necessary to trade in the stock before it has adjusted itself to the general trend. It would be a practical impossibility to acquire the necessary information by observation and calculation during the day while the stock exchange is open and trading going on, but by the use of the present invention, the trader is enabled to observo the relative prices of the various stocks with respect to the general trend or movement of the market so that he can determine instantly at any period of the day which stocks, because of the rate or magnitude of their price changes, are desirable one in which to trade. This visual indication is given by providing apparatus comprising a plurality of endless tapes, each tape representing one of the stocks traded in upon the stock exchange, and each tape bearing a series of numbers or divisions representing the prices at which the stock may be sold. The spacing of the divisions on the various tapes is arranged according to a logarithmic scale so that equal percentages of change of value in stocks selling at widely .different prices will be represented by equal movements of their respective tapes with respect to a stationary indicator carried by the apparatus and extending horizontally across the face of the board over which the tapes move. When a sale any stock occurs, the tape representing that stock is. moved by the attendant to bring in registry with this indicator line the price at which the stock has just been sold. Corresponding adjustments of the device for the other stocks are made as sales occur and these adjustments of the tapes bring about the movement from their initial positions of a sries of indicators each of which is normally stationary on one of the tapes and each of which is adapted to show by the magnitude of its movement the percentage of change in the price value of that stock which has occurred since some predetermined time, such, for example, as the beginning of the current day. The positions of these indicators therefore reveal to the trader at any time the relative changes which have been made in the prices of the various stocks and those which have lagged behind the others in the general trend of the marhet are visually indicated. The trader may thereselect a group of stocks which thus lagged behind the upward movement of the others and buy them with the prospect of selling them later when they have caught up with the general trend. inasmuch as there might be a reversal in the general trend which would result in a loss even if the trader purchases only those stocks which apparently lag behind the upward trend of the fr rket at the time the purchase is made, it is ordinarily advisable to select also a second group cf stocks which are in advance of the general trend and which therefore tend to return to the general average of all of the stocks and to sell short a selected group of these last named stocks which are in advance of the others. If, then, there is a change in the direction of the `general trend from that which it had when the stock transactions were entered into, a profit will result no matter which way the general average moves. With this general explanation of one pf sible use of the indicating apparatus, the apratus illustrated in the accompanying drawings now be described.

.as illustrated in Figs. l to 4, inclusive, of the drawings, the invention comprises board or frame i comprising side walls or frame members it connected by the top wall l? and the lower wall i8. The upper and lower of the side walls are united with each other and with and bottom walls by the vertically exe transverse frame members i9 and 20. ding between the side walls i6 and located rearwardly of the transverse frame members I9 and 2t, is the front board or panel 2| which has t; e ten:

its edges secured to the side walls and which terminates short of the top and bottom walls, with slots 22 between its end portions and the adjacent edges of the transverse members I9 and 20. This display board I5 may be of any desired extent and is preferably mounted so that the front board or panel 2l extends vertically. A plurality of tapes 25 are mounted to move over the face of the panel 2! and the ends of these tapes are connected at the rear of the panel so that they act as endless members adapted to be moved independently of each other so as to bring into the desired position on the face of the board any desired one of the graduations 26 which are printed on the faces of the tapes and which are designated by numerals representing the possible prices for the respective stocks which are represented by these tapes. The graduations 25 are spaced apart according to a logarithmic scale so that equal percentages of change in the sales prices of stocks having widely diierent values are represented by equal movements of the tapes over the face of the board, These tapes are preferably White and are formed of linen or other nonextensible fabric with the graduations printed on the outer surface thereof in black, At the top of the board, they extend over a plurality of independent grooved pulleys or spools 2? which are mounted to rotate independently of each other on a shaft 28 extending between and having its ends secured in the side frame members it. The tapes then extend downwardly along the rear face of the panel 2l and are passed around another series of grooved pulleys or spools 23 which are mounted upon another shaft 38 mounted between the side frame members H5 immediately above the transverse frame member 3! to which the lower part of the panel .ZI is attached. After passing around the pulleys which are capable of independent rotation on the shaft 30, the tapes again extend upwardly and are passed around another series of grooved pulleys or spools 32 which are rotatable independent of each other on another shaft 33 having its ends secured in the side frame member Sii adjacent the top member Il. The tapes then extend downwardly from the pulleys 32 and are passed around another series of pulleys 34 mounted to rotate independently of each other on a shaft 35 extending between the side frame members E5 adjacent the bottom wall i8. The tapes then extend forwardly and around a final series of grocved pulleys or spools 35 which rotate independently of each other on a shaft 3'! secured between the side frame members I6 beneath the lower end of the front panel 2l. after which the tapes extend upwardly through the lower slot 22 and along the face of the panel 2l to the upper end thereof where they pass through the upper slot 22 to the pulleys 2l. The ends of each tape are united with each other by being overlapped and passed through the slots of friction buckles or plates 38 which are of rectangular form and which are provided with horizontal slots at their upper and lower ends adapted to be engaged by the overlapping ends of the tape somewhere along the rear stretch of the tape between the pulleys 32 and the pulleys 34, Each tape then acts as a continuous endless member and may be readily manipulated by the operator grasping the portion thereof which lies in front of the panel 2i in order to move the front stretch of the tape vertically and thereby position any desired graduation on the tape at a selected location on the board.

Each of the tapes 25 has mounted thereon in 75 front of the panel 2l an indicator l0 in the form of a plate formed of metal, breboard or other material having considerable stiiiness. Each indicator :lil isv provided with slots Mia extending transversely thereof adjacent its ends and the tape is threaded through these slots and along the rear of the indicator so that the intermediate iront portion of the indicator is exposed. This exposed portion of each indicator has printed Vthereon a symbol il which is the usual market designation or some particular stock. For example, in the embodiment illustrated, the symbols PTJ, PA, D, NIA, HX!!! UDDI Bin and XA appear on the separate indicators and identify these respective indicators and their associated tapes with the stocks represented by these symbols. In addition, each indicator @il carries at its middle point an index mark or pointer iib which is adapted to be brought into registry with any one of the lines which extend transversely along the face oi the board to indicate the spaced relation of certain graduations which represent percentages of change-of stock prices from an initial zero position or base line or which represent percentages or units of change in sales prices and the like. These indicators 40 are movable with the tapes 25 by reason of their frictional engagement therewith but they may be moved longitudinally of their respective tapes in order to bring them into any desired initial position.

The panel 2| is provided in a region midway between the upper and lower edges thereof with a series of transverse stationary indicators i2 which may be in the form of relatively wide stripes painted on the face of the panel. These stationary indicators are identiiied along one vertical edge of the panel by numerals t3 which represent percentages of change on a logarithmic scale in sales prices in both directions from an initial position represented by the Zero line 42a. In order that these stationary indicating lines may be readily distinguished from each other, they are preferably painted in different colors, the zero line la being preferably orange or yellow the other lines or stripes being of other colors such as red, green, blue, white and the like. A suflicient number of these stationary indicators are provided to indicate changes of 20% on a logarithmic scale in thersalesV prices of stocks in either direction'from the initial position. Another region 'of the panel 2l, preferably located below that occupied by the indicators d2, is provided with another series of transverse horizontal stationary indicators 5 in the form of lines pointed on the face of the panel, preferably in different colors, and identified at their ends adjacent one edge of the panel by numerals it which represent increments of change on a logarithmic scale in the actual sales prices of stocks above or below an initial sales price represented by the Zero line, 45a, also preferably colored orange or yellow, for example.

While the stock market is in session, the prices given by the usual stock ticker for the sales of the various stocks are recorded continuously and successively on the apparatus of the present invention by an attendant who moves the tapes 25 to bring into registry with the'zero line 35a of the stationary indicators @5, the graduations or numerals 2t on the Various tapes which represent` the last sales of the stocks represented by those tapes. For example, if stock A sells at 3?, the tape 25 representing that stock is adjusted to bring the numeral 33 in registry with the zero line 45a and then, if the next sale is at 331/2, the tape is again adjusted to bring the graduation 331/2 in registry with this zero line, The tapes representing the various other stocks are similarly adjusted and it will be understood, of course, that in actual practice the extent of the indicating apparatus of the present invention will be much greater than that illustrated so that there will be a sufficient number of tapes 25 to permit the use of tapes for identifying all of the principal stocks traded in on the exchange. In this way, the latest sales price of each stock is always indicated by the numeral on the tape which is in registry with the Zero line 5153 so that a trader can determine at a glance the latest sales prices of each stock, more readily than it can be determined by the usual inspection of the brokers blackboard. In addition, the adjustment of the tapes in response to changes in the sales prices of stocks causes the board to reveal other information including the percentage of change of the sales price of each stock from the position it held at the beginning of the day 01 at some other time. For indicating the percentages of change from the initial position at the beginning of the current day, the indicators Sii are utilized and the zero line 32a is taken to indicate the initial position of the stocks if the sales prices of the stocks be considered as being converted to zero or to 100%, for example, at the beginning of the day. In order to bring this about, the indicators l0 on the tapes 25 are all adjusted longitudinally of the tapes at the beginning of the day in order to bring their index pointers 49h into registry with the Zero line f-l'a. Then, as sales of the various stocks occur on the exchange, the successive adjustments of the tapes which are required in order to bring the latest sales prices into registry with the zero line 135e will cause the indicators it to move upwardly or downwardly with the tapes, depending upon whether the sales prices increase or decrease, respectively. The indicators i0 will move at different rates and have diierent degrees of movement each of which is revealed to the trader in percentage at any time by inspecting the position of the index mark dill of any selected indicator with respect to the percentage indicator lines 2 and the trader is thus able to determine which stocks have had the greatest percentage of change from their initial position and which stocks have lagged to the greatest extent behind the general trend of the market for the day and he is thereby enabled to govern his purchases or sales accordingly. II" the trader is operating on the theory that the stocks which have risen to the greatest extent from their initial positions will be most likely to return toward that initial position, those stocks may be selected to be sold short while other stocks which have had no movement or a very small movement from their initial positions, or which have moved in the other direction, may be selected to be bought, on the theory that these stocks will tend to move toward the general or average position represented by the trend of most of the other stocks. The positions of these indicators #i over the face of the board thus indicate to the operator at any time a more or less general and imaginary line of irregular form. showing whether the general trend of the market has been upward or down.- ward for the day. At the beginning of another day, the indicators iii are all again returned to a position where their index marks register with the zero line 432e, but the tapes 25 remain where they were with certain of the graduations or iigures 25 thereon registering with the zero line 45a to indicate the closing sale prices :for the preceding day.

In addition to indicating percentages of change of the stocks from their initial positions for the current day, the indicating apparatus of the present invention may also be employed for indicating percentages oi change from the beginning o1 different days and from the beginning or" some pronounced stock selling price movement. For this purpose, the user of the board is furnished with a number of removable markers or clips which may be attached to the tapes 25 to remain thereon and move therewith until they are again detached. These markers may include one series 41 colored red, another series it colored blue, another series 49 colored yellow, all representing movements since the beginning of different days, and an additional set of markers for indicating the change since the beginning of a pronounced trend. These markers are adapted to be used in conjunction with any of the stationary transverse indicators 42 which may be arbitrarily selected as a zero line from which percentages or degrees of change of sales prices are to be indicated from the beginning of some day or period other than the current day. For illustration, the red clips Il?, each of which is in the form oi a metal clip of U-shaped cross-section having arms adapted to extend on opposite sides of and frictionally engage the tape, are attached to the tapes at the beginning of a day to register with the uppermost indicating line d2 which is identified as the 20% line, this line being arbitrarily selected as a Zero line from which the movement of the markers l? is to be measured. During the course of the day, these markers All, or most of them at least, will move from the graduation line 20. At the beginning of the second day, another series or" blue markers 48 are placed on the tapes 25 in registry with the graduation line 20 and at the beginning of the third day another series of yellow markers i9 are placed on the tapes 25 in registry with the graduation line 20. Then, at any time during the second day, the positions of the markers 137 will indicate the summation oi the changes which have occurred in the prices of the several stocks since the beginning of the preceding day and, at any time during the third day, the positions of the markers 41 and 48 will indicate the summation of the changes which have occurred in the sales prices of the respective stocks since the beginning of the second preceding day and the next preceding day, respectively. In this way, the indieating apparatus may be made use of for revealing instantly to the trader the behavior of any particular stock and the relative behavior of the different stocks over a considerable period of time.

The tapes may also be equipped with other clips oi' distinguishing colors which may be perferably applied to the lower parts thereof to indicate the changes which have occurred in various stocks since some preceding hour of the current day. For example, the user of the apparatus may be provided with one series of clips 55, colored red, which may be placed on the tapes at 9:30 a. m. in registry with the upper stationary indicator line 5 which is marked l 0, this line being taken as an arbitrary zero line from which the changes beginning with different hours of the day are to be measured. Another series of clips 5l, colored blue, may be placed upon the tapes in registry with this same line 45, at the hour of 11:00 a. m. and another series of clips 52, colored yellow, may

be placed upon the tapes at 12:00 oclock noon. At any time after one of these series of clips has been put in place, their subsequent positions will indicate to the user of the apparatus the changes which have occurred since the hour when those clips were put in place. These clips are preferably made or different size from those which are used to form the series of clips Lil", d8 and i9 and they placed on the tapes over a different part of the board so that the clips having the saine color will not become confused with each other. The history of a general trend or movement may be indicated by distinctive clips or markers which may be placed on the tapes to effect the transposition to a common base line of the prices which existed at the beginning of the movement. In addition, small pointed clips 53, colored white, may be used by the trader for fastening on any selected tape in registry with the price at which a stock has been bought, and other similar pointed clips 55, colored black, may be placed on certain tapes to indicate the prices at which short sales have been made. Still another class of metal clips 55, marked XD, may be provided for placing on any tape which is being sold ex-dividend for the current day. When the tape of a given stock is thus marked with a clip 55, it may be desirable at the beginning of the day, after the first sale has been made, to move the indicator [iii for that stock along the tape until it returns to registry with the zero line 42a in order to compensate for the drop in price which normally occurs at the opening of the market on a day when a stock sells at a price which does not include its dividend, thereby causing the indicator 1.0 for that stock to indicate more accurately for the balance of the day the normal movements of the price of that stock.

The apparatusy is also provided with means for indicating the percentages of change of each stock from its high and low sales prices or the day. For this purpose, the tapes are provided with a series of indicators Si) which are in the form of plates formed or metal, nbreboard or the like, and have transverse slots 503 therein through which the tapes are threaded. The material from which the lower slot is formed s bent outwardly to form a flange b on each indicator. lhis ilange serves as an index line for the indicator and also as a stop to limit the upward movement or" the indicator by the engagement or the flange with the lower edge of the top frame member i9. it will be observed that the stock prices printed on the tapes 25 increase downwardly over the face ol the board so that when a stock increases in price, the tape is moved upwardly over the face ci' the board by the operator in order to bring the sales price in registry with the zero line The clips G0 are placed on the tapes 25 adjacent the upper part of the panel 2l and as a tape 25 inoves upwardly, the ilange @5b ci its clip engages the frame member i9 and further movement of the tape will cause the tape to slide through the slots oi the clip while the clip will be held stationary against the frame. When the high point or the stock is reached, the clip will be frictionally held on the tape and will return downwardly with the tape so that the extent to which it moves downwardly from the frame member i@ will indicate the degree to which it has fallen from its ln'gh position. The upper part of the panel 2i is therefore provided with a series of transverse indicator lines 5 l, which are painted on the face of the panel, preferably in different colors and which spaced apart according to a logarithmic scale and identied adjacent one verticaledge of the panel by numerals GZ representing percentages of change of each stock from the high position represented by the lower edge of the frame member i8. Of course, the stocks may have different degrees of movement downwardly from their high positions so that during the course of the day, these clips 58 may occupy various positions over the indicator lines 8i, as indicated in Fig. l. At the bottom of the board, the tapes are provided with another series of indicators E3 which are identical in form with the indicators 58, being provided with slots 83e which are engaged by the tapes and with anges Seb which project outwardly in position to coact with the upper edge ofthe lower transverse frame member 28. As the tapes move `downwardly' in response to a fall 'in prices, the flanges 88D of the indicators abut y against the frame member Eil and when the low position for any stock reached and the stock then rises from that low position, the indicator 63 will be irictionally held on the tape of that stock in a position corresponding to its low position, so that the degree of change from the low position will be indicated by the position of the iiange 53h of the indicator with respect to the indicator lines 8f3 which are painted across the face o1 the panel 2 l preferably in diierent colors, and which are identified by numerals 65 arranged along the vertical edge of the panel and representing according to a logarithmic scale percentages of change from the low position represented by the upper edge of the frame member 2i?.

The apparatus is provided with means for visually indicating the average gain or loss during the day of all of the stocks which are represented by the tapes. For this purpose, the board i5 is provided on its front side with a exible cord 'i8 which extends vertically at one side of the series of tapes and which has mounted thereon an indicator il in the form of a weight having eyelets 'l la at its ends which are irictionally engaged by the cord 'i8 so that the indicator normally movesy with the cord but may be adjusted to any desired position on the cord at the will of the operator. The cord is moved vertically in proportion to the average change in price of all of the stocks represented by the tapes, by means of mechanism hereinafter described, and the position of the indicator H with respect to the zero line 42a will show at any instant the percentage of gain or loss of the average of all of the stocks since the beginning of the day, at which time the indicator is adjusted on the cord to register with the zero or base line. At opposite sides of the cord 'i8 there are mounted two other cords 'l2 and 'i3 which have mounted thereon the slidable indicators 'ill and '55, respectively. These indicators are also in the form of Weights with loops 'ida and l5a at their ends for engagement with the respective cords 'l2 and 'i3 so that they may be moved longitudinally of the supporting cords which are themselves aixed to the top and bottom frame members i9 and 28 or the apparatus, as shown at the points l5. The indicator 'll is provided with a loop 'Hb which extends around the cord 'i2 so that as the indicator ii moves upwardly in response to a general rise of the average o all the stock prices, the loop Hbengages: theindicator lil and moves it upwardly on the cord 'l2 until it is iinally left in a position representing the highest average value of the stock prices for the day. Similarly, if the average of all of the stock price falls, the indicator 'H moves downwardly and another loop 'i I? carried by the indicator 'H and surrounding the cord i3, then en-` gages and pushes downwardly the indicator 'i5 which is iinally left in position on the cord 'i8 to indicate the lowest average value of all of the stock prices for the day. At the beginning of each day, these indicators 'ifi and i5 may be adjusted into close proximity with the indicator li but after a considerable fluctuation of the stock prices they will be spaced from the position of the indicator 'il and will at all times indicate the highest and lowest values of the average stockY prices occurring during the current day.

The movable cord 'lll which carries the average price indicator ll is actuated by mechanism shown particularly in Figs. 2a, 3 and 4. At the top of the board, this cord 70 extends over one of the pulleys 2l and an aligning pulley 32 and at the bottom of the board the cord is extended rearwardly beneath one of the lower pulleys 36 and an aligning pulley 35i. Between the pulleys 32 and 34 the cord l@ extends vertically and has its ends united so that it forms a continuous endless member. A weight 'Il is suspended from this cord lil at the back of the board and tends to move it in one direction. The movement in the other direction is effected by means of a cord 18 which is secured to the vertical stretch of the cord lil and which is connected through intermediate mechanism with all of the tapes 25 on the board. As shown in Figs. 3 and 4, the cord i8 is attached to the cord l0) at the point I9 and is then carried upwardly around one of the pulleys 32. From this point, the cord 18 extends downwardly and beneath a pair of pulleys 80 which are rotatably mounted on pins 8| carried by the transverse frame member 3i. The cord 'i8 then extends upwardly and is secured to a triangular bracket 82 which has mounted thereon a pair of grooved pulleys 83 engaged by another cord` 85. The ends of the cord 84 are secured to the frames or brackets 85 of a pair of grooved pulley wheels 85a. Each of these pulley wheels 85a is engaged by another cord 86 and each of the cords 86 has its ends attached to the frames oi a pair of pulleys 81. The grooved wheels of the last named pulleys are engaged by other flexible cords 88 which in turn have their ends extended upwardly and secured to the previously described friction clamping platesr38 carried by the rear stretches of the tapes 25. In this way, each tape 25 is secured to a exible member which is in turn connected through intermediate parts with the cord 78 by which the endless cord 78 is actuated. It will be apparent that the movement of any cord 88 in response to a movement of one of the connected tapes 25 will cause a corresponding but proportional decreased movement of one end of one of the cords 88 which in turn will eiiect a proportionate but decreased movement of one of the pulleys 85a, thereby efecting some movement of the bracket 82 and the cord 18. The movement of each tape 25 is thus transmitted vto the bracket 82 to an extent which is proportional to its movement and to the number and position of all of the other tapes so that the resulting movement of the bracket 82 and cards 18 and 18 is a composite or average of all of the movements of all of the tapes, thus causing the indicator 'H to show accurately the movement of the average price of all of the stocks represented on the board.

Instead of indicating the percentages of change of stock prices during the day with respect to an initial position at the beginning of the day and supplementing this by an indication of the fluctuation of the average of all of the stock prices during the day, as in the form of the invention previously described, the apparatus may be equipped to indicate the changes of the prices of each stock during the day with respect to the average change of prices of all of the stocks and this form of apparatus is illustrated in Figs. to 8, inclusive, where those parts which are the same in form as those previously described have been designated by the same reference numorals. In this modification, instead of placing stationary indicator lines upon a Xed panel 2l, those indicator lines which are used as a basis for measuring the fluctuation er" the stock prices during the day carried by a movable indicator board 9d which is mounted in front of the Xed panel 25e with its edges located behind the front ilanges l@ of the side wall of the apparatus, as shown in gs. 5 and 6. This indicator board 90 carries a number of horizontal indicator lines 92, corresponding to the indicator lines 42 previously described except that they are movable with the indicator board when the later is moved in response to a change of the average prices of all of the stocks. These indicator lines 92 are identied at one side of the board 90 by numerals e3 which represent percentages of change of stock prices from the base line 92a which is identiiied as the zero line. The tapes 25 carry indicators el? bearing symbols All representing the various stocks represented by the tapes and these tapes may be provided with the various other or indicators previously described. When the tapes 25 are moved, the indicators 40 partake or this movement and thus indicate on the indicator board 9d the percentage of change of the price oi each individual stock with respect to the average change of the prices of all of the stocks which is indicated by the zero line 92e. The change of the average price of all of the stocks is indicated by a pointer 95 located at the end ol the zero line 92a and movable adjacent a graduated scale S5 which represents perges oi change according to a logarithmic or the average prices of all of the stocks initial or zero position 95a which may be the average price oi all of the stocks at the beginning or" the day, for example.

= o move est 'f indicator' board is ed by rr Alar to that previously described ier eiisfting oveinent of indicator 'ii and it comprises a. pair flexible cords which are located arJacc-nt the sides of the i .me and which hat ends secured to pins 5 Xed on the board adjacent the corners These pins are preferably xed in the e flangel elle of the indicator board which J eneath the flanges lila of the side walls oi the trame. The upper portions of the cords Si extend upwardly over two of the pulleys 2l which are mounted on the shaft 2S adjacent the top ci" the frame. They then extend over two of the pulleys and downwardly around the pulleys L at the bottom of the frame and thence upwardly in front of the stationary panel 2lu with thei ends secured to the pins 53S on the lower corner of the movable indicator board. The cords thus correspond in their mounting and movement to the endless cord previously described. The re r vertical stretch oi each of the cords el has secured thereto the point one end or" a flexible cord These cords extend upwardly the pulleys i' which are engaged by the cords and thence downwardly at the rear of the stationary panel 21a. The

lower portions of these cords -Gl are passed around grooved pulleys il?? mounted on pins ilZ carried by the lower transverse frame member Ela. After passing around the two pairs of pulleys lill, as shown in Fig. the cords loll are carried upwardly and attached to the triangular pulley frame bracket l which is similar to the bracket 82 previously described. This frame l?. is provided with grooved rollers or pulley wheels which are engaged by flexible cord The ends of this cord ll attached to the frames 55a of two other pulleys its. The grooved wheels of the pulleys lare engaged by two other corls l wi ch extend upwardly and are attached to the frames of pulleys The wheels of the pulleys lill are in turn engaged by flexible cords i which ext d upwardly with their ends attached to the by the ilexible tapes In this way, the mechanism whl s heretofore been described for actuating yo cords Sl connected to the l spends to any change of movement of of the tapes The cords l have weights iid suspended therefrom at the rear of the board, as shown Figs. 7 and to counterbalance mechanism to eiect moi/'ement in one d on. By means of this construcaon, indicator the board is moved in response to change of the average price of all of the stocks and at the beginning of each day this board may be manu ally adjusted to cause its pointer 35 to register with the zero graduation of the scale so that the position of this pointer on this scale will thereafter indicate the extent to which the average price of all oi the stocks moved from its initial position at the beginning oi the day.

In Fig. 9 of the drawings, there is illus a mcdiied form of actuating mechanism for eiiecting the movement of a men 1ver proportiona to the average change of the pli-ce of all oi the stocks represented by the tapes on the board. This form is illustrated as being embodied in indicating apparatus H5 comprisirg a frame having side frame members ll, a topmember il? and a vertical wall form, the endless tapes i252 which to represent the prices of the various stoc cording to a logarithmic scale, series of apertures lZlla spaced apart and located in a row v.long each tape for engagement by t teeth c sprocket pulleys which are actuated when tapes are moved by the attendant to ii changes in the prices of stock sales with resp to some base line, as heretofore explained. The tapes 26 are arranged to operate in pairs on the mechanism which is actuated by all of the tapes to indicate the average movement of all the stock prices. Each tape passes around a grooved pulley l2! provided with sprocket teeth |2la which are adapted to enter the holes 52de the tapes as the tapes pass thereover, thus establishing a positive driving connection. The two puleys which are thus connected with two adjacent tapes 26 are rotatably mounted upon a shaft |22 having its ends journaled in bearings i222n which are carried by tiL t 'tcal wall Each sprocket pulley 25'- has a beveled iiXed to one side thereof and directed to' corresponding beveled gear attached cent sprocket pulley. e two beveled 123 of each pair interinesh with beveled pinion l24 which rotates on a tr'- nnicn 25 carried by a driving arm 26 Xed on the shaft E22 between adja- The the two beveled gears'. t willy be seen that the rotation of one beveled gear |33 will actuate the pinion |24 and: rotate the arm |25 and the shaft on which this arm is mounted. I-f both adjacent tapes I2t move at the same time in one direction, the rotation of the shaft |22 will be increased and will be proportional to the average movement of both of the tapes. If one tape moves in one direction and one in the other, the resulting movement of the shaft V12 will be proportional in amount and direction to the average of the two tape movements.

In this way, each pair of tapes |20 is connected to actuate a shaft |22 and these shafts are located in alignment with each other across the apparatus. The motion of each of these shafts is transmitted to other mechanism through a gear |21 fixed thereon and meshing with another gear |23 secured on a sleeve |29 journaled in bearings |35 carried by the wall or frame member ||8. Two of the gears |28 and two of the sleeves |29 are connected together to operate intervening dierential mechanism so that the result of their movements is the average of the movement of two of the shafts |22. This is lefected by connecting the adjacent ends of two adjacent sleeves |25 to beveled gears |5| which are driven by the sleeves to actuate an intervening beveled pinion |32 mounted to rotate on a trunnion |33 carried by a driving arm |3il. This driving arm. is xed on a shaft |35 which is journaled in these sleeves |29 and also in bearings |36 carried by the frame member H8. One end of each shaft |35 has a gear |31 fixed thereon and the two gears of two adjacent shafts |35 are located in proximity to each other so that the average of their rotative movements may be transmitted through other differential mechanism comprising two gears |33 each of which meshes with one of the gears |31. Each gear |38 carries a relatively fixed beveled gear |35 and these two beveled gears mesh with a beveled pinion |46 mounted to rotate on a trunnion carried by a driving arm M2. This driving arm is fixed on a shaft |43 which is journaled in bearings IM so that the shaft |43 rot-ates in proportion to the average movement of all of the tapes |29 which are mounted on the indicating board. This shaft |63 is extended to a point adjacent one side of the board and has a sprocket pulley |45 xed thereon to drive a tape or belt |46 which is similar to the tapes |26 in that it is provided with holes HitEL for engagement by the teeth |45a of the sprocket wheel. The tape |46 may carry an index mark to indicate the average movement of all of the stocks with respect to a stationary scale located on the face of the board or the tape may itself be provided with graduations which are movable adjacent to a stationary index mark.

In Figs. 10 to 13, inclusive, of the drawings there are illustrated other improved features which, if desired, may be applied to the form of apparatus illustrated in Figs. 1 to 4, inclusiv-e, to indicate the time when the last sale of each stock occurred and also to indicate automatically the fluctuations in the sale prices of the stock which occur during successive limited periods. In this modification or addition, the movable parts of the apparatus are carried by a frame |55 comprising side frame members 15|, a top frame member |52, and a top transverse frame member |54, which extends between and is secured to the side wall members |5|. Extending between the side Wall members |5I and located rearwardly of the plane' of the front transverse frame mem-f ber |54 is a panel |56 corresponding to the panel 2l embodied in the construction shown in Figs. l and la. The side wall members are provided at their forward edges with inwardly projecting flanges |5|a which are connected adjacent the upper part of the apparatus by a transverse plate or frame member |59.

A vseries of tapes |55, each graduated according to a logarithmic scale to show the possible selling prices of va particular stock, are mounted to move over the face of the panel |55, and these correspond to the tapes 25 previously described. At their upper ends, the tapes pass over individual grooved pulleys or spools |51 which are mounted to rotate independently of each other on a shaft |62 having its ends secured in bearing blocks carried by the side frame members 55|. After passing over the pulleys 16|, the rear stretches of the tapes |50 extend downwardly and the tapes are then passed around other individual grooved pulleys or spools located at the bottom of the panel |55 so that each tape acts as an endless member and is capable of adjustment by the operator in order to indicate the latest sales price of each stock with respect to a stationary indicator line on the panel |55 which is graduated to bear indicator lines and graduations similar to the lines |15 on the panel 2|. inasmuch as the sales of some stocks occur much more frequently on the stock exchange than the sales of other comparatively inactive stocks, it is often desirabl-e to know the time which has elapsed since the last sale of a particular stock occurred and this is eected in the present invention by providing each tape |55 with a series of time indicator wheels |53, each of which bears on its periphery a series of graduations |65 to represent the hours of the day and fractions thereof. Each indicator wheel is located directly in front of one of the tapes |50 and is mounted to rotate on the common shaft |65 which has its ends mounted in brackets |55 attached to the frame member |59. Adjacent each indicator wheel |63 there is mounted a bracket |61 which is attached to the frame member |59 and which is engaged by the shaft The outer end of each bracket |51 carries a transversely directed pointer |53 located adjacent the periphery of one of the indicator wheels E53 to provide a stationary index with respect to which the time graduations on the adjacent wheel may be read.

A drum |111 is mounted on the side of each indicator wheel |63 and the drums and indicator wheels which are thus located in pairs are spaced from the adjacent bearings and brackets |55 and |51by means of collars |1|. Each drum |15 has wound about it one or more convolutions of a flexible cord or actuating member |12 which extends rearwardly from the drum through an aperture |59a in the frame member |59. This actuating cord is then passed around another drum or pulley |13, a series of which are arranged side by side and spaced apart upon a shaft |16 which extends between the side frame members |5|. One end portion |125 of the actuating cord is passed around its drum or pulley |13 andthenextends vertically downward with a weight |15 secured to the end thereof. The other end portion |12.b of the cord. passes over the drum or pulley |13 and then extends downwardly through one of the apertures |16a which are formed in a transverse bar |16. The end of each portion |12o of the actuating cord is secured beneath the 

